NEW YORK May 28 New York state Insurance Superintendent Eric Dinallo will resign effective July 3, 2009, and become a visiting finance professor at New York University's Stern School of Business, Governor David Paterson said on Thursday.
Dinallo was the most prominent state insurance regulator in the nation due to New York's position as a financial capital. The Democratic governor saluted Dinallo for overseeing the state's response to the global credit crisis and the near-capsizing of bond insurers and insurance giant American International Group (AIG.N).
"Under Superintendent Dinallo's leadership, the Department effectuated the largest regulatory settlement in the U.S., played an integral part in the reform of the workers' compensation system and facilitated more than $15 billion in new capital for the bond insurance industry," Paterson said in a statement.
(Reporting by Joan Gralla; Editing by Dan Grebler)